American Realty Advisors signs new long-term tenant in Addison
Virginia-based furniture retailer, Haynes Furniture, recently signed a new long-term lease with American Realty Advisors, on behalf of their clients, for 215,400 square feet of industrial space at 180 N. Meadow Road in Addison. Haynes Furniture is expanding into the Chicago market, choosing this distribution facility to service their forthcoming Lombard retail store.
180 N. Meadow Road is a 265,058-square-foot industrial building located in the heart of the Central DuPage submarket of suburban Chicago. The property is located less than 1 mile from a full interchange at Army Trail Road and I-355. The building’s central location, close proximity to the highway, 36-foot clear height, 22 exterior docks and space divisibility were all key in the decision for Haynes to lease 180 N. Meadow. NAI Hiffman, who was awarded the leasing assignment in September 2012, has since brought the building to 81 percent occupancy. The facility was formerly occupied by The Pampered Chef.
The available space remaining consists of 49,658 square feet, of which 2,220 square feet is existing office space. It also features up to six exterior docks and one drive-in door. This is the only available space of this size in the Chicago industrial market with 36-foot clear ceiling heights.
“180 N. Meadow is a Class A distribution building with excellent expressway access and exposure from Army Trail Road,” said Mark Moran, executive vice president with NAI Hiffman’s industrial services group. “The remaining available space, with its existing office in place, is ready for immediate occupancy.”
Based on NAI Hiffman’s first quarter statistics, the Central DuPage submarket’s current vacancy rate is below the rates witnessed prior to the economic recession. The area has now seen positive net absorption in seven of the past 10 quarters, suggesting demand has remained consistent.
Moran, Steve Connolly and Kelly Disser, with NAI Hiffman’s industrial services group, represented American Realty Advisors in the transaction. Al Rodenbostel of Arcore Real Estate Group represented Haynes Furniture.
Source: RE Journals
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